The Maldives recorded a significant increase in fish exports in 2023, primarily due to expanding its reach into new international markets, according to the latest data from the Maldives Industrial Fisheries Company (MIFCO). MIFCO’s annual report indicates that fish exports, especially frozen tuna, saw substantial growth compared to 2022.
In 2023, MIFCO exported approximately 62,352 metric tonnes of frozen tuna, valued at MVR 1.7 billion. This marks a notable rise from the 55,989 metric tonnes exported in 2022, which generated MVR 1.4 billion in revenue. The increase has been attributed to newly established export channels, with shipments now reaching markets such as Vietnam and Mauritius.
The export of canned and pouched fish products also saw a marked increase last year. MIFCO’s report shows that by the end of 2023, around 227,910 cases of canned and pouched fish were exported, generating revenue of $148 million. This figure is an improvement from 2022, when 174,295 cases were exported, earning MVR 143 million. New market entries, including the UK and Germany, contributed significantly to this growth. MIFCO reported that it consistently sent five to six containers of canned or pouched fish to the UK each month, marking the UK as a promising new market for Maldivian fish products.
Despite the success in expanding its export base, MIFCO faced challenges in meeting demand due to fluctuations in fish production. Periods of low fish availability affected overall production, the company noted, presenting a hurdle for maintaining consistent export levels throughout the year.
MIFCO’s performance reflects the Maldives’ strategic efforts to diversify its export destinations and strengthen its position in the global fisheries market, showcasing Maldivian fish as a quality product to both established and emerging markets.
